ASND Ascendis Pharma A/S
Price Chart
Executive Summary
Ascendis Pharma reported Q1 2026 revenue of €247M (up 144% YoY from €101M), driven by YORVIPATH sales of €197M. The company achieved its first-ever operating profit of €25M (vs. a €104M loss in Q1 2025) and a non-IFRS operating profit of €55M. Net profit of €629M included a €679M deferred tax asset recognition; non-IFRS net profit was €18M. Subsequent events include the conversion of $575M convertible notes into 3.6M ordinary shares and a $187.5M PRV sale agreement.
Actionable Insight
The massive YORVIPATH revenue beat and first-ever operating profit mark a fundamental inflection point. The convertible note conversion eliminates a large overhang and the PRV sale adds cash. Watch for YUVIWEL enrollment trajectory and EU regulatory decision in Q4 2026 as the next catalysts. The oncology discontinuation is a minor negative but strategically sound.
Key Facts
- Q1 2026 total revenue €247M vs €101M YoY (+144%)
- YORVIPATH revenue €197M vs €45M YoY (+341%)
- SKYTROFA revenue €44M vs €51M YoY (-14%)
- Operating profit €25M vs loss of €104M YoY
- Non-IFRS operating profit €55M vs loss of €79M YoY
- Non-IFRS net profit €18M vs loss of €73M YoY
- Net profit €629M includes €679M deferred tax asset recognition
- Cash and equivalents €573M as of March 31, 2026
- Converted all $575M 2.25% convertible notes due 2028 into 3,635,813 ordinary shares on May 6, 2026
- Agreed to sell Rare Pediatric Disease PRV for $187.5M cash
- YUVIWEL launched in U.S. with >60 patient enrollments as of May 1, 2026
- Discontinued internal development of TransCon IL-2/oncology program
Financial Impact
Revenue more than doubled YoY to €247M; operating income swung from -€104M to +€25M; non-IFRS operating profit margin 22.4%; $187.5M PRV sale and $575M convertible note conversion strengthen balance sheet
Risk Factors
- SKYTROFA revenue declining 14% YoY signals potential market share loss
- SG&A expenses rose 44% YoY to €145M, pressuring margins
- Operating cash flow still negative at -€8M despite revenue growth
- Dilution from convertible note conversion adds 3.6M shares
- EU approval for YUVIWEL not guaranteed and could be delayed
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-210386 |
| Document: d121855d6k.htm | 0001193125-26-210386 |
| Document: 0001193125-26-210386-index-headers.html | 0001193125-26-210386 |
| Document: 0001193125-26-210386-index.html | 0001193125-26-210386 |
| Document: 0001193125-26-210386.txt | 0001193125-26-210386 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 2, 2026
7d ago
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Insider Cluster
| $216.79 $218.84 | ▲ +0.95% | ▲ +0.55% | $205.81 (−5.06%) |
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May 19, 2026
21d ago
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ANALYST-UPGRADE
| $237.98 $241.34 | ▲ +1.41% | ▲ +0.37% | $205.81 (−13.52%) |
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May 16, 2026
24d ago
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ANALYST-UPGRADE
| $170.74 $162.84 | ▼ −4.63% | ▼ −3.78% | $205.81 (+20.54%) |
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May 7, 2026
4w ago
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6-K
| $246.14 $238.66 | ▼ −3.04% | ▼ −3.87% | $205.81 (−16.38%) |
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May 7, 2026
4w ago
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6-K
| $246.14 $238.66 | ▼ −3.04% | ▼ −3.87% | $205.81 (−16.38%) |
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May 6, 2026
4w ago
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Press Release
| $246.14 $246.14 | · 0.00% | ▼ −0.83% | $205.81 (−16.38%) |
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Apr 21, 2026
7w ago
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6-K
| $240.29 $231.05 | ▼ −3.85% | ▼ −4.86% | $205.81 (−14.35%) |
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Apr 16, 2026
7w ago
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ANALYST-UPGRADE
| $242.95 $244.48 | ▲ +0.63% | ▼ −0.58% | $205.81 (−15.29%) |
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Apr 8, 2026
8w ago
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6-K
| $241.71 $239.28 | ▼ −1.01% | ▼ −0.94% | $205.81 (−14.85%) |
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Apr 8, 2026
8w ago
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6-K
| $241.71 $239.28 | ▼ −1.01% | ▼ −0.94% | $205.81 (−14.85%) |
US Market Status
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